@jmccluskey This isn't just academia. Most all large companies are falling into this trap. I think it's because they're so big that their HR dept. doesn't actually know the requirements to get the job done. They're just trying to accommodate the dreams of those in charge. Also I don't think they're always hard "requirements".
They're probably setting the bar high to filter applicants. If they set the bar low, they'll be inundated with applications to process. I was once hired by IBM, and I wasn't even close to what their technical description of the position required. The actual requirements were actually well within my skill set.